In Europe, at midday, London -0.3%. Paris -0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.2%. Nasdaq -0.3%. Crude +1% to $48.12. Gold -0.2% to $1254.50.
Ten-year Treasury Yield flat at 2.29%
(Source: Seeking Alpha)
Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
PTG Trading
Another quiet trade session and no change in levels or short-term trade outlook. Please re-read prior DTS Report 5.2.17 for greater detail as today’s comments will be abbreviated.
Today is Cycle Day 2 (CD2)…Shallow decline in prior session with neither side advancing the “trade ball”. Traders continue to be on hold as FOMC Announcement at 2 pm should keep action muted. Range parameters 2378 – 2392.
Range Projections and Key Levels
HOD ATR Range Projection: 2396.10; LOD ATR Range Projection: 2370.15; Cycle Day 1 Low: 2381.75; 3 Day Central Pivot: 2384.00; 3 Day Cycle Target: 2400.16; 10 Day Average True Range: 15.10
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June 2017 (M) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: Bulls need conversion of 2392 to upper support…Target measures 2396 – 2400 zone.
Scenario 2: Bears need conversion of 2378 to lower resistance. Target measures 2372 – 2370 zone.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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